- Lex Greensill was a director of three companies within the Greensill Group, which collapsed in 2021 with combined liabilities of more than £1.6 billion
- In late 2020, he caused the companies to enter into a series of transactions with US construction company Katerra that removed legal protections from a Credit Suisse fund’s investment
- The Australian businessman also caused or allowed $440 million received in November 2020 to be used for purposes other than repaying the fund
Lex Greensill will be banned as a company director in the UK for nine years after agreeing to be disqualified following an investigation by the Insolvency Service.
The 49-year-old was a director of Greensill Capital (UK) Limited, Greensill Limited and Australian parent company Greensill Capital Pty Limited, all part of the Greensill Group.
Before its collapse in 2021, the Greensill Group provided accounts receivable financing.
The financing was funded through the creation and sale of security-backed ‘notes’ – financial instruments similar to bonds.
The Credit Suisse (Lux) Supply Chain Finance Fund purchased a series of notes backed by receivables (similar to payment obligations) relating to US construction group Katerra.
The notes also benefited from trade credit insurance.
Lex Greensill caused the three Greensill companies to enter transactions that removed the legal protections underpinning the Credit Suisse fund’s investment in late 2020.
The transactions meant that the receivables no longer required payment, security held against those receivables was released, and the payment obligations supporting the fund’s trade credit insurance were cancelled. The transactions were entered into without the written consents required.
Lex Greensill also caused or allowed Greensill Capital (UK) Limited to use $440 million received in November 2020 for purposes other than redeeming the notes owed to the Credit Suisse fund.
The notes all defaulted when they fell due, resulting in a loss of $440 million to the Credit Suisse fund.
His conduct breached his legal duty under the Companies Act 2006 to exercise reasonable care, skill and diligence as a company director.
A six-week trial was due to begin on Monday 8 June, but Lex Greensill signed a disqualification undertaking – a legally-binding agreement where directors do not dispute certain facts (for the purposes of the disqualification proceedings only) to end court action.
The disqualification undertaking was accepted by the Secretary of State for Business and Trade on Tuesday 2 June and his ban comes into effect on Tuesday 23 June.
Duncan Beach, Chief Executive at the Insolvency Service, said
Director disqualifications exist to protect the public from those who have demonstrated they are unfit to run companies. A nine-year ban is a significant period – above the average for director disqualifications – and reflects the serious nature of Lex Greensill’s conduct.
The Insolvency Service has ambitious plans to be recognised as the UK’s leading authority in enforcing corporate and insolvency standards. Director disqualifications are an important tool in helping us achieve our goals.
Through securing more impactful disqualifications in the months and years to come, we will continue to protect the public and safeguard the marketplace from those directors whose conduct makes them unfit to be involved in the management of companies.
Greensill Capital (UK) Limited collapsed into administration in March 2021 with liabilities of more than £1.6 billion.
Greensill Capital Pty Limited entered administration in Australia in the same month, before going into liquidation in April 2021.
Greensill Limited went into liquidation in July 2021.
Insolvency Service investigations began in May 2022, and the agency announced it had commenced disqualification proceedings against Lex Greensill in March 2024.
The businessman unsuccessfully applied to temporarily pause part of the claim in May 2025.
He then unsuccessfully applied to strike out the entire claim in March 2026, and the Court of Appeal refused to give him permission to appeal against that decision.
Lex Greensill’s disqualification prevents him from acting as a director or being involved in the promotion, formation or management of a company, without the permission of the court.
